Kuwait National Petroleum Company (KNPC) announced on Wednesday that establishment of facilities for imported liquefied natural gas in Al-Zor would cost up to USD 2.9 billion.

The KNPC Chief Executive Officer, Mohammad Al-Mutairi, speaking at a news conference, after signing a contract for launching the mega project, said the overall cost is projected at USD 142 million for engineering, USD 965 million for importing and USD 1.67 billion for construction.

The project encompasses building wide-scale installations for importing 3,000 British thermal units per day of liquefied natural gas to meet the mounting local consumption demand, he said.

The venture is of high economic feasibility for it will help in cutting consumption of costly fuel and environmental contamination. It is forecast to be fully operational by Q1, 2021.